MIAMI, Sept. 12, 2013 /PRNewswire/ -- Ygrene Energy Fund and environmental non-profit partner, Carbon War Room, today announced the launch of the Clean Energy Green Corridor program at a ribbon cutting ceremony at the new Ygrene Energy Center in Miami. The program launches with a $230 million bond issuance immediately available to fund hurricane protection, energy efficiency and renewable energy improvements for commercial and residential buildings.
"Property owners across South Florida can now benefit from instant access to funds to upgrade their buildings and protect their properties from major storm damage," said Tomas Regalado, Mayor of Miami and member of the Green Corridor governing board.
Ygrene's Clean Energy Green Corridor program is a public private partnership with the cities of Miami, Cutler Bay, Miami Shores, Palmetto Bay, Pinecrest, Coral Gables, and South Miami that provides 100-percent financing to property owners for hurricane protection, energy efficiency, and renewable energy projects using zero public money. The program uses the property assessed clean energy (PACE) financing model to allow property owners to make payments as part of annual property assessments over a 20-year term.
"Miami property owners now have a comprehensive financing solution for upgrading the hurricane resiliency and energy efficiency of their buildings. With energy bills and hurricane insurance rates at record highs, property owners can now use Ygrene Financing via the Clean Energy Green Corridor program to address both vital issues at the same time," said Stacey Lawson, President and CEO of Ygrene Energy Fund.
Ygrene is the only multi-state PACE administrator in the country and is backed by a range of local and international financial partners, including a large revolving credit line from Macquarie Bank being used to fund PACE projects nationwide. With current operations in California, Florida and Georgia, the company recently funded the nation's largest PACE-financed energy efficiency retrofit. In the Green Corridor, Ygrene has already preapproved more than 75 applications for $18 million worth of eligible projects in the region, and recently completed construction on Florida's first commercial and residential building upgrades of this kind. The company has also engaged with property owners on a local pipeline of over $65 million in potential building upgrades.
The economic and environmental impact potential of Clean Energy Green Corridor is substantial. With $230 million immediately available to implement energy and hurricane upgrades in Miami-Dade County, an economic model developed by independent research firm ECONorthwest projects that the program can create more than 3,400 new jobs and $600 million in economic activity, as well as $25 million in local tax revenue. Ygrene also estimates it can reduce carbon emissions by 29,000 metric tons and protect up to 2,300 homes from hurricane damage.
Since 2010, the Carbon War Room, an environmental non-profit set up by Sir Richard Branson, has been working to help the sector accelerate the widespread utilization of PACE, and directly assisted in creating the Ygrene-led consortia of companies that are now implementing PACE projects in Miami as well as Sacramento.
"The major barrier preventing home owners and businesses from adopting energy efficiency and building resiliency projects is often down to the large upfront cost that many find tough to justify. I am very pleased Ygrene and the Miami Green Corridor cities have eliminated this burden to create a universally accessible financing option," said Sir Richard Branson, founder of Carbon War Room and founder of the Virgin Group. "As a business owner, an entrepreneur, and homeowner, I see tremendous advantages to this program for Miami-area property owners and hopefully it will act as a catalyst for other cities to follow suit in creating similar programs."
To support the Clean Energy Green Corridor program, Ygrene has opened a state-of-the-art Ygrene Energy Center to serve as a hub for contractor trainings, education sessions, partner meetings and property owner consultations. Interested property owners and contractors can join Clean Energy Green Corridor now by visiting the Ygrene Energy Center at 3390 Mary Street, Suite 124 in Miami, or visit CleanEnergyGreenCorridor.com
Visual and educational assets can be found in Ygrene's online media kit at:
About Ygrene Energy Fund
Ygrene Energy Fund is the leading developer and administrator of clean energy financing programs throughout the United States. Ygrene's fully funded Clean Energy Programs provide privately funded and immediately accessible financing for renewable and energy efficiency upgrades to both residential and commercial property owners at no upfront costs. Over the next five years, Ygrene's Clean Energy Districts are projected to create tens of thousands of local jobs and invest hundreds of millions into local economies. Learn more at ygrene.us.
About The Carbon War Room
The world today has both the technology and the policy in place to tackle at least 50% of the climate challenge. Now, across a range of major global industries, we must break down market barriers in order to shift capital towards the low-carbon technologies and business models that will prove extremely profitable - thereby creating climate wealth.
The Carbon War Room takes a global, sector-based approach. The War Room's current Operations include: Maritime Shipping Efficiency, Green Capital, Renewable Jet Fuels, Smart Island Economies, and Trucking Efficiency. For more information go to: www.carbonwarroom.com
SOURCE Ygrene Energy Fund